R4 Technologies, a Ridgefield, Connecticut-based enterprise AI company founded by former Priceline executives, today announced it has raised $20 million in a funding round led by Pilot Growth Equity.
R4’s unique B2B software-as-a-service platform allows companies to “unlock growth opportunities blocked by traditional approaches,” founder and CEO Paul Breitenbach said. Using machine learning, it ingests and processes data sources across companies, providing yield management insights. One problem it’s currently tackling is inventory shortages in brick-and-mortar stores.
“There is tremendous value trapped within large company silos, and these operational legacies are now actually impeding growth. As markets and competitors advance, it’s costing companies more than they realize,” Breitenbach explained. “There has never been a way for organizations to quickly and cost-effectively realize these hidden growth opportunities and align functions to extract far greater revenue and profit. [W]e’ve built the first cross-enterprise software-as-a-service solution that does exactly that.”
The company will use its new financing to “support … continued innovation” and acquire new clients.
Among its current clients, R4 counts more than 20 Fortune 500 companies and organizations across the retail, financial services, technology, and consumer packaged goods industries. It claims to have increased revenue by up to 20 percent, improved forecast accuracy by 200 percent, and reduced the cost of delivery and inventory management by more than 20 percent.
“R4’s mission to make AI available as a service for business users across the enterprise speaks to the founder’s … heritage of extracting profit from data,” Will Lee, founder and managing director of Pilot Equity Growth, said in a statement. “They are the first company to apply AI at the cross-enterprise level and have been building a track record in stealth mode, delivering on the promise of AI to drive significant profit growth for several of the largest global corporations.”
R4 has offices in New York; San Francisco; Austin; Washington, D.C.; Dublin; Munich; and London, with a partner network extending across North America, Europe, and Latin America. The company has raised $75 million to date.